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Choose the correct statement about GAAP. GAAP are laws. It is a violation of SEC regulations for publicly traded companies to depart from GAAP. Firms

Choose the correct statement about GAAP.

GAAP are laws.

It is a violation of SEC regulations for publicly traded companies to depart from GAAP.

Firms may not restate financial statements previously issued.

Only publicly traded companies must comply with GAAP.

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